2:59President Donald Trump arrives for an event on “Trump Accounts” on Jan. 28, 2026, in Washington.Jacquelyn Martin/AP
President Donald Trump said he will announce his choice to be the new Federal Reserve chairman on Friday morning.
"I've chosen a very good person" Trump said Thursday evening while walking the carpet at the Trump-Kennedy Center ahead of the premiere of the documentary about first lady Melania Trump.
Trump said his pick to replace current Chairman Jerome Powell is an "outstanding person and a person that won't be too surprising to people."
President Donald Trump arrives for an event on “Trump Accounts” on Jan. 28, 2026, in Washington.Jacquelyn Martin/AP
"A lot of people think that this is somebody that could have been there a few years ago," Trump went on. "It's going to be somebody that is very respected, somebody that's known to everybody in the financial world. And I think it's going to be a very good choice."
Trump has repeatedly attacked Powell over the past year for his cautious approach to lowering interest rates.
Powell's term as chairman expires in May.
Federal Reserve Chair Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy, in Washington, January 28, 2026Jonathan Ernst/Reuters
Earlier this month, in an extraordinary escalation of the months-long attack on the independence of the Federal Reserve, Powell announced that federal prosecutors had launched a criminal investigation related to a multi-year renovation of the Fed's headquarters in Washington, D.C.
Earlier this week, at its first meeting since news of the investigation surfaced, the Federal Reserve voted to hold interest rates steady.
Trump said that the Fed governors who voted earlier this week to pause interest rates will change their minds once there is a new chair.
"If they respect the Fed chairman, they'll be with us all the way," Trump said. "They want to see the country be great."
Among the known contenders for the position:
Kevin Warsh: Warsh previously served on the Fed's board of governors from 2006 to 2011. He was a top advisor to then-Fed chairman Ben Bernanke during the 2008 financial crisis, serving as a liaison between the central bank and Wall Street. During that time, he was an inflation "hawk" — skeptical of the Fed's ultra-low interest rate policy. But in more recent interviews, Warsh has heaped praise on Trump and called for "regime change" at the Fed.
Rick Rieder: Rieder is an executive at BlackRock. According to the investment firm, he oversees $2.4 trillion in assets. He has never served on the Fed, but as a Wall Street analyst he has regularly called for lower interest rates.
Kevin Hassett: Hassett is the current Director of the National Economic Council. He is a staunch defender of Trump's economic policies, including tariffs. In recent weeks, Trump has repeatedly said he does not want to see Hassett removed from his current role at the White House.
Chris Waller: Waller is a current governor at the Federal Reserve. He was appointed by Trump in 2020. At the Fed's meeting this week, he dissented with the decision to keep interest rates on hold — saying he would have preferred to cut them.
Sourse: abcnews.go.com